By Angela Gonzales | Phoenix Business Journal
Homebuyers in metro Phoenix are having a tougher time than ever finding homes on the market at a time when inventory is among the lowest in the nation.
With 0.9 months supply of inventory in October, Phoenix tied for third with Charlotte, North Carolina; Omaha, Nebraska; and Denver, according to a new study by RE/MAX. Boise, Idaho had the lowest inventory, with 0.5 months supply, followed by a two-way tie between Albuquerque, New Mexico, and Manchester, New Hampshire, with 0.7 months supply.
The average home in Phoenix sold in 27 days in October, down from 39 days during the same time last year, with competition pushing the median sales price to $334,945 — an increase of 17.5% year over year, according to that study.
Christy Walker, designated broker and owner of RE/MAX Signature in Phoenix, said she’s seeing some buyers waiving inspections, giving up appraisal contingencies and even offering to pay the seller to make their offer more competitive.
“I think this is risky and each agent needs to seriously consider the ramifications of advising clients to do such things,” Walker said. “It can be a challenging environment for a lot of buyers to navigate right now but affordability is still extremely high despite the appreciation we’ve experienced.”
Jim Belfiore, president of Belfiore Real Estate Consulting, said this lack of housing inventory is pushing more homebuyers to new home sales — and homebuilders can’t keep up with demand.
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